A Refund Spree? Unlikely

Has the annual wrestling match with their tax forms made Americans willing to give up some deductions if it would make the system simpler? Not a majority of them. An Associated Press poll conducted late last month found 36 percent willing to make that tradeoff, vs. 53 percent unwilling. (The rest either didn’t know or don’t pay taxes.) As for the federal tax cut enacted last year, a mere 4 percent of respondents think it will reduce their taxes “a lot”; 36 percent think their tax bill will go down “a little.” As things stand, 59 percent of those polled expect to get a refund this year. What will they do with the money? A Fox News/Opinion Dynamics survey found most will either use it to pay bills (35 percent) or save it (32 percent). Just 9 percent said they will run out and “buy something new.”